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Diamondback Redemptions

Diamondback Redemptions

Diamondback Capital Redemptions Top $1 Billion

Diamondback Capital Management has continued to lose money after the FBI raided its office as party of the insider trading scandal. Diamondback has reportedly been hit with withdrawal requests totaling $1 billion, 17% of the hedge fund's assets under management.
Diamondback Capital Management received withdrawal requests totaling $1 billion — 17% of the hedge fund manager's $5.8 billion under management — for March 31, the next redemption window, confirmed a source with knowledge of the situation who insisted on anonymity.

Diamondback was among the hedge funds raided in November by the FBI in connection with a widespread Department of Justice insider-trading investigation. Neither Diamondback nor its employees have been charged with wrongdoing.

Monica Everett, a Diamondback Capital spokeswoman, declined to comment.

Several of Diamondback's large investors “have expressed their current intention to remain invested at or close to their current levels,” according to a Feb. 1 client letter from Richard Schimel and Lawrence Sapanski, co-chief investment officers, that was obtained by P&I Daily. Source

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